Payday America: Friend or Foe?
Last updated on October 14th, 2023 at 12:20 am
Hi Guys,
It’s me Randy here from Ready Payday Loans. Today I had a reader ask me what I thought about Payday America. I paused for a minute because I had no idea what they were talking about. I went back to my poorly lit office and went to work to find out who Payday America is. Here is a short and to the point description of who they are. Please remember this is my own personal opinion.
Is Payday America A Financial Institution?
Payday America is a financial institution that specializes in providing short-term loans, also known as payday loans. These loans are typically for small amounts of money and are meant to be repaid on the borrower’s next payday. Payday America has been in existence for over 20 years, since its founding in 1996. The company has multiple locations across the United States, primarily in the Midwest.
Loans, Loans And More Payday America Loans
Payday America offers a variety of products and services to its customers, including payday loans, auto title loans, and check cashing services. Payday loans are typically for amounts of $100 to $1,000, and the company charges an average annual percentage rate (APR) of around 440%. Auto title loans are similar to payday loans, but are secured by the borrower’s car title. Check cashing services are also available, allowing customers to cash their checks at any of the company’s locations.
Why Are There Mixed Reviews For Payday America?
As a company, Payday America has a mixed reputation. The high APR on their loans has led to criticism from consumer advocacy groups, who argue that these loans can trap borrowers in a cycle of debt. However, Payday America states that it provides a valuable service to customers who may not have access to traditional forms of credit. The company also claims to follow all state and federal regulations for payday lending.
It’s important to note that Payday America is not a good option for long term financial solution, as the high interest rates can quickly become unaffordable and lead to a cycle of debt. It’s always recommended to check with other options before applying for a payday loan.
Final Thoughts On Payday America
Overall, Payday America is a financial institution that has been in existence for over 20 years and offers a variety of products and services, including payday loans, auto title loans, and check cashing services. While the company has faced criticism for its high APR, it also provides a service to customers who may not have access to traditional forms of credit. It’s important to carefully consider the terms and conditions of any loan before taking one, and weigh the pros and cons before making a decision.
Finally, what do I (Randy Murrie) think of Payday America? Are they a friend or foe in the payday loan industry? Definitely a friend. They are trying to help people get cash fast when they are in the time of need. We are okay with that.
As always if you have any questions about payday loans, I am happy to answer them. Just reach out to me anytime. Either myself or one of our team members will get in touch with you.
Until next time!
-Randy
